Last Minute Changes to the Tax Reform
Heads up. The Department of Treasury has made significant tax reforms beginning in the year 2020. These changes affect corporations more than individuals who will retain their usual 5% tax credit, while the former will see their’s lovered from 30% to 37.5%. Companies with profits between three and 10 million will get to choose whether […]
2020 Outlook: Creative and Diverse Staffing on the Rise
In the accounting business, there is a trend where many of these accounting firms are offering services that aren’t traditionally offered. Some firms have even started to rebrand themselves as business advisers rather than call themselves an accounting firm. They keep struggling with having enough staff and the way to aid this is to come […]
Forensic accounting students to volunteer services for LI businesses
Accounting students that specialize in forensic accounting are volunteering to help small Long Island businesses and non-profits that experienced fraud. The students are helping businesses that can not afford to pay the going rate of forensic accountants. They could go out of business. A professor, David Glodstein has started a project called Justice for Fraud […]
10 M&A questions to ask in a buyer’s market for accounting firms
It is a unique time for financial and accounting firms, as small firms are looking to be acquired to expand their range, and larger firms are looking to acquire smaller firms to expand service offerings. Combined with an aging management, it is now a buyer’s market. Both buyers and sellers should carefully evaluate the other […]
Regulator Considers Adjusting Rules Guiding Audit Firms on Quality Control
Regulators and lawmakers are considering changing some of the laws and rules for the auditing process of financial firms. The regulation in place had been outdated, and researchers said it did not reflect the current environment. Auditors set the standard for the firms they audit, and if the auditors’ own standards were not realistic or […]
Art of Accounting: Specialists vs. generalists
David Epstein’s book, “Range: Why Generalists Triumph in an Expert World” argues that it is preferable to be a generalist who draws on a wide body of knowledge rather than to specialize with a narrow but deep knowledge base. Additionally, it can be disadvantageous to begin specializing too early in your career. There are, of […]
4 Ways to Bill Clients
Small business owners, especially Certified Public Accountants that run their own accountancy firms, need to understand the importance of billing their clients and customers. Different people and firms have different ideas of how billing should happen, and therefore have different systems for collecting accounts recievable. One way is to bill for every service provided. Another […]
AICPA honors 17 CPAs at Forensic and Valuation Services Conference
The American Institute of CPAs (AIPCA) honored 17 CPAs during its 2019 conference in Las Vegas. Elizabeth Woodward of Dean Dorton Allen Ford and William Fellows of Deloitte were named Volunteers of the Year. The remaining honorees received the Forensic and Valuation Services Standing Ovation award, which highlights the achievements of young CPAs ages 40 […]
How to choose the right accounting software for your small business
Smaller businesses in the modern era are much more capable of doing accounting independently instead of needing an accountant’s assistance, but this is often only true when the right accounting software is used. One should consider their business sector (and the specific needs that accompany such a particular size) and their business model (as software […]
Is Updating QuickBooks Hard? (Spoiler: It Depends)
Many small business owners choose to use QuickBooks to help run their company. One aspect of this software that can be tricky for many users is updating it from earlier years to the current year. If your old files are within the last few years, it is simple to become current. If your files are […]